The cat's out of the bag: During Apple's third-quarter financial earnings call Tuesday, chief financial officer Peter Oppenheimer announced that Lion would debut Wednesday on the Mac App Store.

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The cat's out of the bag: During Apple's third-quarter financial earnings call Tuesday, chief financial officer Peter Oppenheimer announced that Lion would debut Wednesday on the Mac App Store. The OS update will cost £20.99.

Lion is the seventh iteration of Apple's Mac operating system, OS X, and brings a host of new features to the Mac, including window management utility Mission Control; app organizer Launchpad; full-screen mode for applications; state-saving utility Resume; Auto Save and Versions; AirDrop for local file sharing; a whole slew of updates to existing Apple applications, and over 250 other features.

Lion will be available Wednesday for £20.99 exclusively from the Mac App Store for users running OS X 10.6.6 or later using Core 2 Duo systems or later. Users on Intel Macs powered by a Core Solo or Core Duo processor will not be able to run this version of the OS.